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MAJESTY 2 FIREWALL FULL

Right now, the Court's power to retrospectively remedy the consequences resulting from the mistakes of trustees has been governed by common law. The amendment in VISTA is to ensure that during the period of exclusion of entitlement, neither section 58 nor the new section 58B would apply to vary the trust. The new section 58B of the TA will not affect the application of section 12 of VISTA which concerns the modification of the Saunders v. In addition, the Court's powers to vary is subject to any specific exclusion or restrictions imposed by the trust instrument, so the extent of the section 58B Court power can be tailored for the circumstances of each trust. To benefit from the flexibility to vary a trust, a bespoke clause is required to be explicitly included in the trust deed to provide for the application of the new section 58B of the TA. It will apply only to: (1) trusts created on or after the new section 58B comes into force and the trust instrument expressly provides for its application and (2) a foreign existing or new trust being migrated to BVI and the application of section 58B is explicitly provided in the relevant deed. It is important to note that this new variation power is not applicable to existing BVI trusts. the remoteness of the interest and the protective needs of individual beneficiaries.changes in circumstances after the creation of the trust.In considering the circumstances, the Court would take into account the following factors:

Upon application by the trustee, a beneficiary, a protector or any person authorised to apply by the trust instrument, the Court may order to vary, add to, revoke or replace all or any of the trusts enlarge, restrict or remove all or any of the powers of the trustee or vary, add to, remove, or replace any or all of the other provisions of the trusts. The new section 58B once passed will empower the Court to vary the trust without the consent of adult beneficiaries in circumstance where such variation is considered expedient by the Court, whether or not the order may adversely affect any person or purpose.

MAJESTY 2 FIREWALL FULL

For trusts with adult beneficiaries with full capacity, their consent must be sought to vary the relevant trust.

clarify the rules for retention of trust recordsĪt present, pursuant to section 58 of the TA, the Court has power to approve variation of trusts on behalf of persons who are infant or under incapacity, contingent beneficiaries, unborn persons and beneficiaries under protective trusts.

expand the list of possible reserved power.

empower the Court to set aside the flawed exercise of fiduciary power.

give general power to the BVI High Court (the Court) to vary BVI trusts which opt in to the regime.

This article highlights the key changes and their implications. BVI has recently introduced bills to amend the current Trustee Act (the TA), the current Virgin Islands Special Trusts Act ( VISTA), the current Probates (Resealing) Act (the Resealing Act) and the current Administration of Small Estates Act.